To provide opportunities for members of the Low-Income Group (the “bottom of the pyramid”) to obtain bank accounts.

Who may open these accounts:

Anyone who qualifies as being below the poverty line (BPL) may open the account either individually or jointly. The joint account holder must also fall under BPL. Account opening is also permitted for BPL family minors.

The account can be opened with the introduction of an existing account holder who has undergone the full KYC procedure and has had satisfactory operations in the account for at least six months if the customer is unable to provide any documentation proof of identity and address to the satisfaction of the bank. Subject to the restriction that the combined balance of all accounts must not exceed Rs. 50,000 and the annual credit summation must not exceed Rs.

Initial Amount:

Any money can be used to start an account. It may only cost Rs. 1/-. (Rs. One Only.)

Other Important Criteria:

1. This technique is not applicable to the Minimum Balance requirement. Therefore, no service fees will be deducted for a low minimum balance.
2. One complimentary 10-page chequebook is permitted.
3. It is not allowed to collect checks from third parties.
4. Issuance of DD/MT/TT and collection of out-of-state checks are both permitted at standard fees.
5. The provision of a VISA/INSTA ATM/Debit card is offered to both new and existing accounts for the plan.

Rate of Interest:

Like how it is with standard bank savings accounts This programme would be subject to all additional rules for traditional savings bank accounts. For this scheme, the KYC criteria are less stringent.